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Minorities, Women, Veterans Receive Record Number of SBA Loans

WASHINGTON - The SBA capped off its fiscal year by approving a record number of loans to women, minorities and veterans. The SBA backed 74,825 7(a) loans totaling $12.5 billion to small businesses, and 8,168 loans worth $3.9 billion under the 504, or Certified Development Company, program for fiscal year...

By Staff Writer | Updated on October 26, 2004

WASHINGTON – The SBA capped off its fiscal year by approving a record number of loans to women, minorities and veterans. The SBA backed 74,825 7(a) loans totaling $12.5 billion to small businesses, and 8,168 loans worth $3.9 billion under the 504, or Certified Development Company, program for fiscal year 2004, which ended on Sept. 30. The number of loans made under each program and the combined total were record highs, according to the SBA. Women and minorities benefited from record levels as well, each more than doubled the levels set in 2001. Overall, nearly a third of SBA-backed loans went to minorities, and the number of loans to African-Americans, Hispanics and Asian-Americans rose 32%, 31.7% and 33.7% respectively. The number of loans to women increased 27.3% over FY 2003, and the loans to veterans were up by 21%. SBA loans of course have become very important to credit unions as they work to serve their business members. Credit unions received a boost last year when the SBA opened up its 7(a) program to all CUs, not just community charters as was previously the case.

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